Affimed falls on 1-for-10 reverse stock split
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1 year ago
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- Affimed N.V. (NASDAQ:AFMD) dropped ~21% premarket Wednesday after the German biotech announced a 1-for-10 reverse stock split of its common stock to regain compliance with Nasdaq listing rules.
- Accordingly, every ten shares of AFMD’s outstanding common stock with a par value of €0.01 per share will convert to one such unit.
- The reverse stock split takes effect on March 8, 2024, after the market close. AFMD stock is expected to begin trading on a split-adjusted basis on March 11, 2024, under the same ticker symbol.
- The decision comes after the company’s shareholders approved the reverse stock split during AFMD’s annual general meeting in June 2023.
- It is intended to help Affimed (AFMD) regain compliance with the minimum $1.00 per share requirement needed for continued listing on Nasdaq.